The National Company Law Appellate Tribunal held that the ...

Financial creditor's delayed application for investment refund rejected, corporate debtor's partial refund accepted.

December 18, 2024

Case Laws IBC AT

The National Company Law Appellate Tribunal held that the Section 7 application filed by the Financial Creditor was hopelessly barred by limitation and dismissed it. The cause of action for refund of investment arose on 16.12.2010 as per the agreement, and the limitation period of three years expired on 15.12.2013. The Corporate Debtor had refunded the amount of Rs. 1.7 crores to the Financial Creditor through third parties, and the Financial Creditor's long silence indicated satisfaction of the refund of Rs. 3 crores. The Tribunal found no grounds to invoke Section 65 of the IBC for imposing penalty on the Financial Creditor as the Corporate Debtor did not plead that the proceedings were initiated maliciously or with fraudulent intent. The appeal was allowed.

View Source

← Previous Next →

The National Company Law Appellate Tribunal held that the ...

Financial creditor's delayed application for investment refund rejected, corporate debtor's partial refund accepted.

December 18, 2024

Case Laws IBC AT

You may also like:

Initiation of CIRP - NCLT rejected the application - Financial Creditors - non-disbursement of part of financial assistance sanctioned by the Financial Creditors -...

The NCLAT upheld the admission of the Section 7 application filed by the Financial Creditor (Respondent No.1) for initiating CIRP against the Corporate Debtor. It held...

Admission of section 7 application - financial debt owed by the Corporate Debtor or not - Home Buyers - The application was filed by respondents, who were allottees in a...

Disqualification of a director of the financial creditor to sign the Section 7 application was challenged. The application u/s 7, signed by the director of the financial...

The Appellant challenged the admission of the Section 7 application filed by the Financial Creditor, contending no debt was due as the application was premature. The...

Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial...

This legal summary concerns the maintainability of a Section 7 application for initiating the Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor....

Corporate debtor filed a reply to the financial creditor's Section 7 application in December 2023, but moved an application u/s 8 for reference to arbitration only on...

The Corporate Debtor denied the existence of a loan agreement with 12% interest, as claimed by the Financial Creditor in the Section 7 application. To qualify as a...

The Appellate Tribunal affirmed the decision to exclude the Appellant and other unsecured Financial Creditors from the Committee of Creditors (CoC). The key issues were...

Initiation of CIRP - Flat Buyer is a Financial Creditor or not - Whether ‘HBPL’ falls within the ambit of the definition of ‘Corporate Debtor’, as defined under Section...

Admission of section 7 application - initiation of CIRP against the Corporate Debtor - existence of debt and default or not - When the Financial Creditor had repeatedly...

Initiation of CIRP - The Appellant, who is a speculative investor, cannot claim status and benefits as financial creditor under Explanation (i) of Section 5(8)(f) of the...

Rejection of application against admission of CIRP u/s 7 application filed by the Financial Creditor - The tribunal pointed out that the corporate debtor’s financial...

Corporate insolvency resolution process (CIRP) initiated against corporate debtor and corporate guarantor. Financial creditor granted loan to corporate debtor, secured...

Quick Updates: